New Jersey Hits A Major Sports Betting Milestone During a Pretty Good April

New Jersey's sports betting financials for April 2024 were released Thursday, and it turned out to be a decent month for New Jersey sports betting providers and our best sports betting sites operating within the state. While overall sports betting activity did drop month-over-month from a busy March, the handle was up year-over-year, and revenues for the month even eclipsed March.

The  report did contain some big news, as a milestone was reached in the Garden State. New Jersey sports betting apps and retail providers became the first to combine for a $50 billion lifetime handle. It took 71 months to accomplish the feat—New Jersey sports betting apps accounted for 98%, or $46.69 million, of the overall total, with retail making up the remainder.

The trend of year-over-year monthly increases in sports betting in the New Jersey sports betting scene continued in April to the delight of operators.

$1.04 billion March handle

Sports bettors in the New Jersey market spent a total of $1.04 billion with New Jersey sports betting apps and the state’s retail providers. That number represents an expected 21.4% drop from March’s $1.33 billion, during a month that March Madness dominated wagering menus. Residents still took advantage of plenty of New Jersey sportsbook promos.

That figure is, however, a 25.2% year-over-year increase from April 2023, when just under $834 million was wagered on sports in the state.

The New Jersey sports betting scene now has a lifetime handle of $50.87 billion, just over $12.5 billion of which has come in the last 11 months.

Revenues a good story

Revenues for New Jersey sports betting sites increased year-over-year and month-over-month in April. 

New Jersey state providers reported that Sports betting revenue was $106.2 million in April. That number is an impressive 46.9% year-over-year improvement from $72.3 million in April 2023. It is also a $16.5 million month-over-month increase from $89.7 million in March.

New Jersey sports betting apps can thank a 10.2% win rate for the revenue increases. The hold rate was 8.7% in April 2023 and 6.7% in March.

With April’s numbers added in, New Jersey's best sportsbooks have combined for $3.81 billion in lifetime winnings. It allowed the Garden State to leapfrog New York for #1 on the lifetime revenues list.

Meadowlands Raceway partners dominate

One of the biggest surprises in the New Jersey market has been the performance of Fanatics Sportsbook New Jersey. The Meadowlands Raceway-aligned book has come in second behind the other Meadowlands partner, FanDuel, the biggest revenue-producing New Jersey sports betting site.

It has been just two months since New Jersey regulators started publishing individual sportsbook revenue figures.

FanDuel New Jersey reported $37.9 million in winnings in April, just ahead of Fanatics, which reported $32.9 million in revenue for the month. You can check out either of the leaders with our FanDuel promo code or Fanatics Sportsbook promo code.

DraftKings New Jersey was way back in third with $18.9 million in winnings, with BetMGM New Jersey ($4.8 million) and bet365 New Jersey ($3.3 million) rounding out the top five.